Source - SMW
Egdon Resources (LON:EDR) has confirmed that the Oil & Gas Authority has formally issued the company with nine new Petroleum Exploration and Development Licences from the UK 14th Onshore Oil and Gas Licensing Round as previously advised.

The new licences, covering a total of 18 UK National Grid blocks and part blocks with a total area of approximately 1,141 square kilometres (281,979 acres), were originally offered in two tranches in 2015.

The licences are located in the East Midlands Petroleum Province and the Cleveland Basin and expand the company's acreage and opportunity base within these two core areas providing a mix of new conventional and unconventional resource opportunities.

Managing director Mark Abbott said: "We are pleased to be formally issued with these new licences that were initially offered to the Company in August and December 2015. The award of the licences strengthens Egdon's position in two of our core areas, the East Midlands and Cleveland Basins, and we can now look forward to progressing with the detailed evaluation of the blocks."

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Hydrodec Group's (LON:HYR)registered address has been changed to Dorset House, Regent Park, Kingston Road, Leatherhead KT22 7PL, with immediate effect.

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Europa Oil & Gas (LON:EOG) reduced its losses in the year to the end of July despite revenues being hit by the fall in the price of oil.

Revenue fell to £1.3m (2015: £2.2m) but the group reports a 33% reduction in cost of sales from lower operating costs and 39% reduction in administrative expenses from non-recurring 2015 items and other savings.

The group posts a pre-tax loss excluding exploration write-off and impairment of £0.7m (2015: loss £0.8m) and a pre-tax loss of £1.9m after £1.2m exploration write-off in B�arn des Gaves (2015: loss £4.1m after £2.2m exploration write-off in PEDL181 and £1.1m impairment against the West Firsby field).

The group reports a post-tax loss for the year £1.6m (2015: loss £1.8m).

Chief executive Hugh Mackay said: "In the face of difficult market conditions for the oil and gas sector we have delivered strong performance. We have reduced costs by one third, our UK production is set to double, we are preparing to drill a high impact well onshore UK at Holmwood, we have delivered three deals, landed seven new licences in the UK and Ireland and perhaps most importantly built a leading position in Atlantic Ireland. 

"The tide is turning in Atlantic Ireland: the 2015 Licensing Round was the most successful licensing round ever in Ireland. Major oil companies are back and have already begun substantive work programmes. 

"This is a remarkable outcome given sub $50 oil prices and in due course we expect that this activity will likely result in exploration drilling. We will continue to mature our Irish portfolio with the intention of delivering half a dozen drill-ready prospects   any one of which has the potential to be a company maker for Europa."

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Bowleven (LON:BLVN), the Africa focused oil and gas exploration group traded on AIM, has received the $15 million cash proceeds payable under the Etinde farm-out transaction with LUKOIL and NewAge.

As at 30 September 2016, Bowleven had circa $100 million cash and no debt.

Under the terms of the Etinde farm-out transaction, Bowleven also has access to a $40 million (net) drilling and testing carry which is expected to cover its share of two appraisal wells on Etinde, with a further $25 million cash receivable on FID.

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Solo Oil (LON:SOLO) has appointed Beaufort Securities Limited as joint corporate broker to the company together with Beaumont Cornish Limited, the company's nominated adviser, and Shore Capital Stockbrokers Limited.


 
 



At 4:19pm:

(LON:AUR) Aurum Mining PLC share price was +0.35p at 2.2p

(LON:BLVN) BowLeven PLC share price was -0.37p at 24.63p

(LON:BOR) Borders  Southern Petroleum PLC share price was 0p at 1.85p

(LON:CHAR) Chariot Oil  Gas Ltd share price was -0.08p at 9.4p

(LON:EDR) Egdon Resources PLC share price was +1.63p at 16p

(LON:ENQ) EnQuest Plc share price was +0.38p at 27.13p

(LON:EOG) Europa Oil  Gas Holdings PLC share price was 0p at 4.75p

(LON:GKP) Gulf Keystone Petroleum share price was -0.02p at 2.13p

(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 3p

(LON:HYR) Hydrodec Group PLC share price was +0.01p at 2.63p

(LON:INDI) Indus Gas Ltd share price was -10.75p at 487.25p

(LON:PET) Petrel Resources PLC share price was 0p at 6.5p

(LON:RKH) Rockhopper Exploration PLC share price was +1.38p at 28.88p

(LON:RPT) Regal Petroleum PLC share price was -0.04p at 3.5p

(LON:SOLO) Solo Oil PLC share price was -0.01p at 0.23p

(LON:XEL) Xcite Energy Ltd share price was -0.22p at 2.01p



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